The chief of a cooperative bank in the district and two others were arrested today after more than Rs two crore worth jewels kept in its lockers by customers were looted in phases over the past few years.
President of the Primary Agricultural Cooperative Bank in Punnavasal Kalimuthu, clerk Andi and another person were arrested for their alleged involvement in the loot after an inquiry found that all the jewels missing, police said.
The District Collector had directed Deputy Registrar of Cooperatives Jaya Singh to look into a complaint from 144 customers who said the bank remained closed for several moths and they were unable to retrieve their jewels.
Also Read
The Deputy Registrar was shocked to find that the locker of the bank had only Rs.101 in cash and all the jewels missing.
Police said bank officials allegedly started to remove the jewels from 2013 onwards.
In fact, former bank president C.Narayanan was the brain behind the entire loot and he had built a posh house with swimming pool and other facilities.
The other person arrested was Thangapandi, who is the brother of Narayanan.
Police said they were searching for Narayanan, who is absconding.
Disclaimer: No Business Standard Journalist was involved in creation of this content
